Next week, New York State will begin a 45-day public comment period on its new financial industry cybersecurity regulation — and, so far, security experts have a favorable view of the proposal.
Under the new regulations, banks and insurance companies doing business in New York State will need to establish a cybersecurity program, appoint a Chief Information Security Officer and monitor the cybersecurity policies of their business partners.
According to New York Gov. Andrew Cuomo, this is the first such regulation in the country. “This regulation helps guarantee the financial services industry upholds its obligation to protect consumers and ensure that its systems are sufficiently constructed to prevent cyber-attacks to the fullest extent possible,” he said in a statement.